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Strategies & Market Trends : Tech Stock Options
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To: Tom Trader who wrote (41708)4/29/1998 1:02:00 AM
From: Tom Trader  Read Replies (2) of 58727
 
For what it is worth

I am quite taken aback to see the extent of pessimism that has suddenly swept this thread.

IMO, where we go from here will be governed by the bonds -- if the bonds stabilize at this level, I suspect that the sell-off is over, for the most part. If the bonds continue to break down, the stocks will continue to decline. The jury is still out on the bonds, but I am inclined to think that the worst is over as far as the bonds are concerned -- there was just too much damage control at work today to support the notion that the the authorities want to see the bonds much lower and on a fundamental basis with inflation still under control, I can't see the argument for higher interest rates at this juncture.

I expect that we will see a couple of days of gyrations in the stock market -- assuming that the bonds stabilize at this level -- and thereafter we should see another rally, either this week or early next week. If this next rally is weak then the stage would be set for an intermediate top to be in place and a pretty decent decline to commence.

The technicals have suffered some damage but not enough--- to date-- to warrant any major decline or to prevent a rally.

I am looking to trade this market from the long side -- assuming the bonds behave. On the futures, I'll follow the signals that my system generates -- on stocks, I am looking to go long in anticipation of a tradeable rally.
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